Stimulus Check Update: These 3 Numbers Tell You All You Need to Know to Find Out if Another Stimulus Check Is Coming in 2023

If you're hoping for another stimulus payment, here's what you need to keep an eye on.

Stimulus checks authorized during the COVID-19 pandemic provided invaluable support. The money deposited into people's bank accounts enabled them to pay the rent and bills while the economy was shut down.

In total, three payments were sent out, and many Americans have spent months waiting for a fourth -- especially as rising prices put strain on their budgets. Congress has thus far failed to act, and those still hoping for another payment in 2023 should keep an eye on these three numbers to see if a fourth stimulus check is a possibility this upcoming year or not.

1. Inflation

Inflation sent prices surging last year, leaving many Americans struggling to pay for the basics. While there's some evidence prices aren't continuing their meteoric rise at the start of the new year, the Federal Reserve has warned that inflation is far from over.

In fact, on Wednesday Feb. 1, the Federal Reserve raised interest rates for the eighth time since March and cautioned that "ongoing increases in the (interest rate) target range will be appropriate."

If prices keep climbing, Americans will feel more financial pressure -- and momentum may grow for another stimulus check that Congress can't ignore.

2. Unemployment

The rate of unemployed Americans has been declining, but there are some concerns this trend could turn around and more companies could begin layoffs -- especially as tech companies have let millions of employees go in recent weeks.

If unemployment climbs too high, Congress could potentially step in to provide more stimulus relief to help those who are without jobs. During the COVID-19 pandemic, for example, Congress raised the amount of unemployment benefits available to qualifying workers and expanded eligibility for benefits as well.

3. Gross domestic product

The Bureau of Economic Analysis provides quarterly reports about the country's gross domestic product (GDP). If there are two quarters of negative GDP growth, this is traditionally seen as an indicator of a recession.

Stimulus checks have been used in the past to help bolster the economy during a recession, and this could potentially occur again if the economy goes south.

Watching these numbers will be important in the upcoming year if you're awaiting more stimulus money, so keep your eyes peeled for economic news that could suggest lawmakers will be forced into offering more financial support to struggling families.